STRATEGIC PARTNERS
August 12, 2002
BEIJING -- A spokesman for China's central bank said on Aug. 12 that commercial banks charging fees for off-premise ATM withdrawals are within the law to do so.
According to the Xinhua News Agency, 1999 procedures governing bankcard business at the People's Bank of China allow users to be charged for withdrawals from other banks' ATMs.
Last year, the central bank noted in a circular that commercial banks should decide themselves whether a fee should be charged on inter-bank withdrawals. The statement set the maximum per-transaction charge at two yuan (U.S. 25 cents).
The spokesman said modest charges would encourage commercial banks to increase their investment into ATM equipment, improve the environment for using bankcards and provide a more convenient service for cardholders.
